Orexigen Therapeutics Reports First Quarter Results

Orexigen Therapeutics reported a net loss of $24.9 million, or 23 cents per share, for the first quarter ended March 31, compared with a net loss of $19.4 million, or 21 cents per share, for first quarter 2013.

Total operating expenses for first quarter 2014 were $24 million compared with $20.3 million for the like quarter in 2013, the company said.

Orexigen (Nasdaq: OREX), a biopharmaceutical company focused on the treatment of obesity, also reported $37.6 million in cash and cash equivalents and an additional $117.5 million in marketable securities.

Orexigen is eligible to receive cash milestone payments of $100 million from Takeda Pharmaceuticals, between U.S. approval and first commercial sale of NB32, Orexigen said.

NB32 is an investigational medicine for weight loss and the maintaining of weight loss.

The Food and Drug Administration assigned a Prescription Drug User Fee Act goal date of June 10 to complete its review of NB32.